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Presidential Executive Orders Removing 298 Tax Regulations

Tax Advisors Reference Guide On
President Trump’s Executive Orders

Tax Advisors would never know what was hidden in these regulations unless you conduct extensive research which we did for our members. We will be providing our twenty-five hours of research with links to the Code of Federal Regulations to our members.

Based on a preliminary review, these proposals could be very far reaching and effect a wide range of our member’s clients. These proposals deserve your immediate attention and review!

TaxConnections Members should study this very important information to make comments or request a public hearing on areas that may impact you and your clients. If you want to comment or request a public hearing you must do so before May 14, 2018.

Pursuant to President Trumps Executive Orders 13777 and 13789, the Treasury Department and the IRS conducted a review of existing regulations with the goal of reducing regulatory burden for taxpayers by revoking or revising tax regulations that meet the criteria set forth in President Trumps Executive Orders.

This Notice of Proposed Rulemaking proposes to streamline IRS Regulations by removing 298 IRS Regulations that are no longer necessary because they do not have current or future applicability under the Internal Revenue Code and by amending 79 IRS Regulations to reflect the proposed removal of the 298 IRS Regulations. The proposed removal and amendment of these IRS Regulations may affect various categories of taxpayers.

Written Or Electronic Comments And Requests For A Public Hearing Must Be Received By May 14, 2018

Send All Submissions To:
CC:PA-LPD-PR (REG- 132197-17), Room 5203
Internal Revenue Service
P.O. Box 7604
Ben Franklin Station
Washington D.C. 20044
Submissions May Also Be Hand – Delivered Between The Hours Of 8:00AM and 4:00PM To:
CC:PA-LPD-PR (REG- 132197-17)
Couriers Desk
Internal Revenue Service
1111 Constitution Avenue, NW
Washington D.C.
Submissions May Also Be Sent Via The Federal eRulemaking Portal At www.regulations.gov
(REG-132197-17)
For Further Information Contact Mark. A. Bond, Office Of Associate Chief Counsel (Procedure And Administration), 202.317.6844
For Further Information Contact Regina Johnson (Submission Of Comments/Request For Public Hearing), 202.317.6901

Regulations Interpreting Repealed Code Provisions Code of Federal Regulations (Code of Federal Regulations)

Treasury Regulations §§1.23-1 (Residential Energy Credit) through
Treasury Regulations§§ 1.23-6 (Procedure And Criteria For Additions To The Approved List Of Energy-Conserving Components Or Renewable Energy Resources) (Approved List Of Energy Resources)

These regulations provide guidance under former Section 23. Former Section 23 was repealed by Section 11801(a) Omnibus Budget Reconciliation Act of 1990, November 5, 1990. Public Law No. 101-508.

Treasury Regulation §1.46-11 (Commuter Highway Vehicles)

These regulations provide guidance under former Section 46. Former Section 46 was repealed by Section 11813 of the Omnibus Budget Reconciliation Act of 1990, effective generally with respect to property placed in service after December 31, 1990. Public Law No. 101-508.

Treasury Regulation §§1.56A-1 (Imposition of Tax)
Treasury Regulation §§ 1.56A-2 (Deferral Tax Liability In Case Of Certain Net Operating Loss)
Treasury Regulation §§ 1.56A-3 (Effective Date)
Treasury Regulation §§ 1.56A-4 (Certain Taxpayers)
Treasury Regulation §§ 1.56A-5 (Tax Carryovers)
Treasury Regulation §§ 1.58-1 (Minimum Tax Exemption)
Treasury Regulation §§ 1.58-9 (Application of The Tax Benefit Rule To The Minimum Tax)

These regulations provide guidance relating to the alternative minimum tax under Section 56A and former Section 58. These regulations implement a version of the alternative minimum tax that was repealed by section 701(a) of the Tax Reform Act of 1986, effective for taxable years beginning after December 31, 1986. Public Law No. 99-514.

Treasury Regulation §1.101-5 (Alimony Payments)

These regulations provide guidance under Section 101(e). Section 101(e) was repealed by Section 421(b) (2) of the Deficit Reduction Act of 1984, generally effective for transfers after July 18, 1984, in taxable years ending after July 18, 1984. Public Law No. 98-369.

Treasury Regulations §1.103-2 (Dividends From Shares And Stock Of Federal Agencies Or Instruments)

These regulations provide guidance regarding the tax exemption for dividends from shares and stock of federal agencies or instrumentalities under former Section 103. Former Section 103 was repealed by Section 6 of the Public Debt Act of 1942, effective for securities issued after March 28, 1942. Public Law No. 77-510.

Treasury Regulations §1.103-3 (Interest Upon Notes Secured By Mortgages Executed To Federal Agencies )

These regulations provide guidance regarding the tax exemption for interest on United States obligations under former Section 103. Former Section 103 was repealed in part by section 4 of the Public Debt Act of 1941, effective for obligations issued on or after February 28, 1941. Public Law No. 77-7.

Treasury Regulations §1.168(f)(8)-1T ( Safe Harbor Lease Information Returns Concerning Mass Commuting Vehicles)

These regulations provide guidance under section 168(f)(8). Section 168(f)(8) was repealed by Section 201(a) of the Tax Reform Act of 1986, effective with respect to property placed in service after December 31, 1986, in taxable years ending after December 31, 1986. Public Law No. 99-514.

Treasury Regulations §1.177-1 (Election To Amortize Trademark And Trade Name Expenditures)

These regulations provide guidance under Section 177. Section 177 was repealed by Section 241(a) of the Tax Reform Act of 1986, generally effective with respect to expenditures paid or incurred after December 31, 1986. Public Law No. 99-514.

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